Developers are hoping to build a "megalot" in the affluent Sydney harbourside suburb of Mosman.

A dozen homes have been bought for $85 million in total to make way for a new project on Brierley Street.

The plan is to build an eight-storey building which will house up to 100 apartments.

If the project is approved, 15 per cent of the properties will be allocated to affordable housing.

Mosman residents have been fighting against development plans in their suburb, fearing that it will lower the living standards they are used to.

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